Humana's CenterWell unit has closed a deal to buy primary care provider MaxHealth from private equity firm Arsenal Capital Partners.
Financial terms of the deal were not disclosed, but it brings MaxHealth's 54 primary care clinics, four specialty and ancillary care clinics and 24 affiliated clinics, which are located across West and South Florida, into the CenterWell fold. Bloomberg reported that the deal would value MaxHealth at $1 billion.
These locations provide care to more than 120,000 patients, with about 80,000 of them in value-based care relationships, according to the announcement.
"MaxHealth is a patient-centered, results-driven organization that simplifies the healthcare experience and empowers patients to live their best lives – values that align closely with everything we do at CenterWell," said Sanjay Shetty, M.D., president of CenterWell, in the press release. "Together, we will make an even bigger difference for those we serve."
MaxHealth will operate within the the CenterWell division and expand the company's senior-focused primary care services to new markets.
Leaders at both MaxHealth and Arsenal, meanwhile, said in the release that it has experienced a recent, meaningful window of growth, and combining with CenterWell will allow it to continue down that path.
"This milestone reflects the extraordinary work of the founders who built MaxHealth, the physicians who deliver exceptional care every day, and the teammates across our organization who bring our mission to life," said Michelle Leslie, CEO of MaxHealth, in the press release. "We are deeply grateful to Arsenal Capital Partners for its partnership and support during a period of meaningful growth."
"As we join CenterWell, we are excited to build on this strong foundation and further expand access to high-quality, patient-centered care for the communities we serve," Leslie said.